Weather Concerns Spur Corrective Buying in Wheat

 
Weather Concerns Spur Corrective Buying in Wheat

Wheat traders decided to take profits on short positions and trim their short exposure to the market this week as storms pounded areas of the Plains. With funds still heavily short the market and more late-season rains in the forecast for the Central and Southern Plains, there's room for more corrective gains in the wheat market in the week ahead. Corn futures were influenced by spillover from wheat, but due to disappointing export sales this week, upside potential for corn was limited. Focus in the soybean market shifted to new-crop fundamentals as USDA's initial 2015-16 carryover peg came in larger than expected. We take a detailed look at how USDA's May Supply & Demand Report will influence price action in the near-term, and much more in this week's Pro Farmer newsletter.

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